What is Home Insurance?
A home is not built in a day. It takes years of hard work, sacrifices and commitment to first build or buy your home, and then add possessions before it starts to become your haven. Muthoot Blue understands the strife and the sentiment behind securing your home and other belongings of material and emotional value. Our home insurance is thus designed to provide you a protective cover against natural and manmade calamities.
Most importantly, with the common man at the core of our being, complex insurance products like Health & Home Insurance are designed & developed keeping in mind the requirements, constraints, challenges and aspirations of the people at the lower levels of the socio-economic strata.
Features and Benefits of Home Insurance
Home insurance is becoming a necessity, given the constant environmental and other changes occurring regularly. On payment of mostly a reasonable amount, your highly valued home and belongings can be covered from potential losses which may occur because of a natural event, burglaries, or accidents caused by electrical failure, human error, etc. At Muthoot Fincorp, through MRIBS, offer some of the best features and benefits through our home insurance policies specially designed & developed for the common man.
Extensive Coverage Options
Home insurance is the protection you buy for your home against the loss you are likely to occur from natural calamities, nefarious elements and accidents. We offer cover against natural calamities like floods, storm damage,… read more fire and such. You can also buy a home insurance policy to cover your furniture, jewellery, and other items of value in your home. In case of a damage caused, you are reimbursed the insurance amount which helps you rebuild your home or replace your belongings without dependency on others.
All our home insurance processes are designed to make the task of getting an insurance quick and hassle-free. We have made the processes simple which adds to your convenience of buying a home insurance policy. Simply tell our … read more customer care executive of the policy and cover you want, and they will calculate the premium you are required to pay. They will also help you complete the forms and other formalities to make the process smoother and faster.
Simple & Quick Claim Settlement
We have a very simple and quick claim settlement procedure. Submit the relevant documents, and within the shortest time possible, your insurance amount will be … read more remitted to your bank account.
Why should one buy Home Insurance?
One of the most important reasons for buying home insurance is providing security for yourself and your family in case of a calamity or accident. If there is loss or damage of insured possessions or the home’s structure, you will get the insured amount to rebuild your home and life, thus reducing the financial burden.
You can opt for additional riders in the home insurance policy to cover all the contingencies. If you live in an area that is prone to flooding you may look for a home insurance that covers damage caused by flood. You can add as many riders you want to your base policy to optimise protection.
Types of Home Insurance
At Muthoot Fincorp, we have designed different home insurance policies factoring in the needs of the common man living in different areas of the country, and their unique needs.
- The standard fire and peril Insurance policy covers the damage that a fire, storms, lightning, explosions, hurricanes, cyclones, malicious damage and other perils. You can take this home insurance policy if you are a homeowner, business owner with a shop, godown or have an industrial firm.
- The comprehensive Home Insurance policy covers damage against fire, theft and burglary and larceny. You can take an exhaustive cover for the home, the fixtures in the house, furniture, valuables and even jewellery.
- Building insurance provides cover only to the building or the apartment. You can take a sum assured as per the reconstruction value of the ‘pakka’ construction of the building.
- The Household Articles Insurance is bought to cover the damage that can happen to household appliances, equipment, jewellery and expensive clothing, paintings, sculptures, etc. The current market value of the insured items is the sum assured.
- The legal costs of any liability that accrues out of accidental death or injuries of a third party can be covered with a Public liability coverage policy.
- You can add on any suitable riders that you need like loss of rent cover, Key and lock replacement cover, temporary living expenses cover; ATM withdrawal robbery covered insurance cover for pats.
How to Apply for Muthoot Blue Home Insurance with Muthoot Fincorp
The process of applying for a home insurance with Muthoot Fincorp is very simple. All you need to do is walk into the nearest branch and initiate the process. The other option is to apply online to buy a home insurance policy. You can also connect to us through the Mobile App.
- You need to fill out a form that states the nature and type of insurance.
- All pertinent documents need to be submitted.
- There is a home visit that is conducted to verify the application and valuation is done.
- The sum assured is fixed and the process takes a few days for the insurance to kick in after you pay the premium.
Frequently Asked Questions
Owning a home is a collective dream for a family, and you pour your (and your family’s) life savings to create this one asset. So, you need to protect it from the potential losses or damages that may occur because of events not in your control. In case of an unfortunate event including natural disasters, vandalism, burglary and possible third-party liability, the home insurance amount you are entitled to will help cover the cost.
You can use our home loan calculator to calculate the home insurance EMI you will pay for the tenure. The major factors affecting your EMI are the loan amount, applicable interest rate and loan tenure.
Follow the below steps to claim home insurance against any damage:
- Call us at 1800 102 1616 and our customer care executive will take you through the process
- In case of vandalism and theft, you are required to produce an FIR report
To get the claims, you should follow a few guidelines, such as If you need to make any temporary repairs, take photographs of the site before and after the repairs. Prepare a list of items lost/ damaged and keep all the receipts handy. An insurance adjuster will inspect your property to assess damage. Make sure you have read the terms of your home insurance policy and follow the process mentioned closely.
Getting the best rates on your home insurance is easy with Muthoot Fincorp. Some steps you can follow are:
- Know the value of your home and possessions before your take the insurance
- Choose insurance covers based on the area you live in and the risk assessment. For example, if you live in a land-locked area, the chances of a flood are low, and you may avoid the insurance cover. Our executives can help you with risk assessment.
- Take insurance as per your requirements and opt for a deductible that you are comfortable with.
One of the most important features to lookout for when choosing a Home Insurance Policy is the cover provided. Cover is mostly extended for property and liabilities. Additionally, you should look for simplified processes that make it easy for you to apply for, and get, the loan. Muthoot Fincorp works on the God-given values of trust and transparency to ensure your policy suits your requirements.
When you buy a home insurance you pay a certain amount of money to get a protective cover against any loss and damage you may suffer in case of an accident, a natural calamity or theft. The money you pay to the insurance company is called the premium.
The cover provided by a Home insurance policy is very important. You can get extensive coverage options including damages caused the structure of the home, electrical items and other possessions in the home. Some policies will also cover the cost of alternative accommodation if your home is not fit for use as well as liability cover for any incidents or third party medical costs for incidents that happen on your property.
Please contact us at 1800 1012 1616 or visit your nearest Muthoot FIncorp branch to know the cover you will get with your home insurance policy.
Why Choose Muthoot Blue for Home Insurance?
Muthoot Blue (Muthoot Pappachan Group) has a reputation that has been shaped over decades with high-quality practices, total customer satisfaction, and steady growth. Today, Muthoot Fincorp, our flagship company, is one of the largest NBFCs in India and we continue to work with the aim of providing timely credit to common man with Blue Soch. Hence, our home insurance is designed to provide you with a sense of security at all times.
- We have over 4200 branches across India. Visit your nearest Muthoot Blue branch to get a loan quickly and without any hassle.
- Nearly 1,00,000 customers walk into our branches daily and are assured of trustworthy and simple services.
- Our customer-centric approach and innovation over the past +132 years without compromising on the God-given values of trust, truth, transparency and tradition is what helps us in empowering the human ambitions.